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How to Farm with Elk
Now you don't have to own a ranch to farm Elk!
Farm with reduced risk at Elk with Impermanent Loss Protection! Follow this link to learn more about ILP. If you'd like to learn more about liquidity pools, farming (among other things) please check out the Elk Academy.
- 1.Make sure you have a Defi Crypto Wallet. We recommend MetaMask (either the mobile app or the desktop extension for your browser) or other multi-chain compatible wallet such as TokenPocket, Brave Wallet, or Elastos Essentials. Make sure you have the funds you need in your DeFi wallet and are connected to the desired chain in like so:
If you don’t see the chain you want, you can add it by connecting your wallet to https://rpc.info and clicking the “+” beside the chain, and approving it in your wallet.
2. Head to ElkDEx and decide which tokens you would like to farm along with $ELK. If you already know which farm you want to enter and have equal value amounts of both tokens, skip to step 6.
3. Once you’ve decided what to farm, you’re going to check to see how many tokens you need. Head to the Pool Page on the ElkDex, or select the “Pool” link on the top of the ElkDEx page, and hit "Add Liquidity". When depositing into a liquidity pool, you need to deposit two assets in equal value.
In the example below, we’ve selected $AVAX to farm with $ELK, which would allow us to deposit into the AVAX-ELK farm on the farming page from Step 2. Let’s say we want to farm 500 $AVAX. Typing 500 into the FUSE input will tell us how many $ELK we must pair it with. In this scenario, I would want to hold at least 1000 total $AVAX available so that approximately half can be traded for $ELK for farming.
Example LP pairing of $AVAX and $ELK
5. Once you have this information, it is time to swap your native chain tokens (or other tokens) for $ELK on the ElkDEx.
If you are not purchasing $ELK with the native chain token (e.g., $AVAX on the AVAX Chain or $MATIC on the Polygon Chain), you may want to trade for the native chain token first on another DEx to ensure the greatest value. Check the rates on the largest DEX on the chain before swapping and compare it against what you’ll get on the ElkDEX. You can find a list of DExs for most chains at DefiLlama.
6. Return to the Pool Page, select the correct pairing, click "Approve" for both tokens, confirm these transactions in your wallet, and finally hit "Supply" and confirm the transaction in your wallet.
7. After all of these transactions have succeeded, go to the Elk Farm Page to put your liquidity provider (LP) tokens into the farm, click "Deposit" (or if already in the farm "Manage"), and then click "Deposit", the "Approve" to sign the transaction, and finally selelct "Deposit" and approve that transaction.
The buttons will be bright green as long as you have deposited the two tokens into the liquidity pool. It will also show you what the estimated daily rewards will be before depositing.
8. You're finished! Happy farming! You can click the "claim" button next to "Unclaimed ELK" any time to claim your rewards for the price of a normal gas fee.
Claiming Impermanent Loss Coverages resets your coverage amount to 0, restarting the 42 day vesting period. Please see the link below for more information regarding Imperment Loss Protection.
If you click "Withdraw" on that page, you will have the option to withdraw your LP tokens from the farm. Keep in mind that you must also remove your LP tokens from the pool to return them to your wallet. If you don't see your pair on the pool page, click "Import it" and manually select the pair to bring up the option to remove some or all of your liquidity from the pool. Withdrawing and re-depositing also resets your Impermanent Loss Protection coverage.